Getting into a difficult financial situation is hard for anyone, but it is particularly difficult for someone who has already filed bankruptcy. Unless a bankruptcy court issues orders stating otherwise, there are no clear restrictions about the number of bankruptcy cases that you are eligible to file. However, you might need to wait a certain period of time before being able to file again.
Filing for Bankruptcy in New Jersey
Whether or not you can file another bankruptcy and get a discharge depends on several different factors. These include:
The type of bankruptcy you filed in the past and which kind of bankruptcy you intend to pursue now.
Whether any previous bankruptcy was dismissed with prejudice, dismissed or discharged.
When you filed your previous case.
When you can file for bankruptcy again, also has to do with the type of bankruptcy that you intend to file. If you already filed Chapter 7 and are looking to file Chapter 7 again, you will need to wait a minimum of 8 years beyond the date you filed your last case, before you can get a discharge in another Chapter 7 case. If you previously filed Chapter 13 and intend to file Chapter 13 again, you cannot get a Chapter 13 discharge unless it is filed in minimum of 2 years after the date that the first case was filed. It typically takes 3 to 5 years to move through a Chapter 13 repayment plan and get a discharge, so as soon as your first case is closed you may be eligible to pursue again.
If you previously received a Chapter 7 discharge and are now looking for Chapter 13, you may be able to do so if the case is filed a minimum of 4 years after the filing date of your initial Chapter 7. If you are going from Chapter 13 filing to Chapter 7, you have to wait 6 years from the date of your Chapter 13 filing before getting a discharge in a Chapter 7.
Schedule a Consultation With a New Jersey Bankruptcy Attorney
There are some situations in which this does not apply, particularly if you paid back all of the unsecured debts or at least 70% of your unsecured debts were paid back and the plan was proposed with effort and good faith. Make sure you sit down with an experienced bankruptcy attorney to figure out what’s right for you.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.